Lecture 8- Strategic performance measurement

Beschreibung

Highers Accounting and Finance (Year 2) (Management Accounting for Performance and Decision Making) Quiz am Lecture 8- Strategic performance measurement, erstellt von George Mariyajohnson am 09/12/2020.
George Mariyajohnson
Quiz von George Mariyajohnson, aktualisiert more than 1 year ago
George Mariyajohnson
Erstellt von George Mariyajohnson vor fast 4 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
Strategy- [blank_start]Direction[blank_end] that organisation intends to take over [blank_start]long term[blank_end] to meet its [blank_start]mission[blank_end] & achieve its [blank_start]objectives[blank_end]. It focuses on ways to manage organisation’s [blank_start]resources[blank_end] to create [blank_start]value[blank_end] for owners &/shareholders & to [blank_start]satisfy[blank_end] all stakeholders
Antworten
  • Direction
  • long term
  • mission
  • objectives
  • resources
  • value
  • satisfy

Frage 2

Frage
Strategic [blank_start]planning[blank_end] & strategic [blank_start]implementation[blank_end] is needed to put [blank_start]strategy[blank_end] into practice
Antworten
  • planning
  • implementation
  • strategy

Frage 3

Frage
Strategic planning involves [blank_start]corporate[blank_end] & [blank_start]business (or competitive)[blank_end] strategy. [blank_start]Corporate[blank_end] strategy is making choices about types of [blank_start]businesses[blank_end] & [blank_start]markets[blank_end] in which organisation will operate. [blank_start]Business (or competitive)[blank_end] strategy is concerned with way that business [blank_start]competes[blank_end] within its chosen [blank_start]market[blank_end]
Antworten
  • corporate
  • business (or competitive)
  • Corporate
  • businesses
  • markets
  • Business (or competitive)
  • competes
  • market

Frage 4

Frage
Strategic planning draws on wide range of [blank_start]management accounting[blank_end] information, as well as information from [blank_start]special studies[blank_end] internal & external to organisation. Information is both [blank_start]financial[blank_end] & [blank_start]non-financial[blank_end]
Antworten
  • management accounting
  • special studies
  • financial
  • non-financial

Frage 5

Frage
One problem with divisional performance measures is that it emphasises only [blank_start]one perspective[blank_end] of [blank_start]performance[blank_end]
Antworten
  • one perspective
  • performance

Frage 6

Frage
Another problem with divisional performance measures is that they do not focus on [blank_start]determinants[blank_end] of [blank_start]outcomes[blank_end]
Antworten
  • determinants
  • outcomes

Frage 7

Frage
Third problem with divisional performance measures is that there is [blank_start]limited[blank_end] guidance for [blank_start]future actions[blank_end]
Antworten
  • limited
  • future actions

Frage 8

Frage
Fourth problem with divisional performance measures is that they may encourage [blank_start]short-term[blank_end] actions which decrease [blank_start]shareholder[blank_end] & [blank_start]customer value[blank_end]
Antworten
  • short-term
  • shareholder
  • customer value

Frage 9

Frage
To improve & understand performance, [blank_start]managers[blank_end] need to manage [blank_start]determinants[blank_end] of [blank_start]performance[blank_end]. They also need to use [blank_start]non-financial performance[blank_end] measures
Antworten
  • managers
  • determinants
  • performance
  • non-financial performance

Frage 10

Frage
Strategic performance measurement have [blank_start]strategic orientation[blank_end] (sustain [blank_start]strategic planning[blank_end] & [blank_start]strategic implementation[blank_end]), include [blank_start]non-financial measures[blank_end], subject to [blank_start]managerial discretion[blank_end], use [blank_start]external benchmarks[blank_end] & emphasise [blank_start]continuous improvement[blank_end]
Antworten
  • strategic orientation
  • strategic planning
  • strategic implementation
  • non-financial measures
  • managerial discretion
  • external benchmarks
  • continuous improvement

Frage 11

Frage
Non-financial measures reflect [blank_start]drivers[blank_end] of future [blank_start]financial performance[blank_end] ([blank_start]improvements[blank_end] should flow through to [blank_start]financial performance[blank_end]). They are more [blank_start]actionable[blank_end] & more [blank_start]understandable[blank_end] & easier to relate to, particularly at [blank_start]operational[blank_end] level
Antworten
  • drivers
  • financial performance
  • improvements
  • financial performance
  • actionable
  • understandable
  • operational

Frage 12

Frage
Examples of non-financial measures are: [blank_start]customer satisfaction[blank_end], [blank_start]defect measures[blank_end], [blank_start]quality[blank_end] & [blank_start]employee capability[blank_end]
Antworten
  • customer satisfaction
  • defect measures
  • quality
  • employee capability

Frage 13

Frage
Balance scorecard- Performance [blank_start]measurement[blank_end] system that identifies & reports on performance [blank_start]measures[blank_end] for each key [blank_start]strategic[blank_end] area of business. It translates [blank_start]strategy[blank_end] into plan of action through specific [blank_start]objectives[blank_end] & [blank_start]performance[blank_end] drivers. Also, it identifies (assumed) cause & effect [blank_start]relationships[blank_end] between these measures
Antworten
  • measurement
  • measures
  • strategic
  • strategy
  • objectives
  • performance
  • relationships

Frage 14

Frage
Balance scorecard- [blank_start]Strategic[blank_end] management tool that integrates [blank_start]financial[blank_end] & [blank_start]non-financial[blank_end] measures of performance in [blank_start]single[blank_end] concise report, with aim of incorporating [blank_start]performance[blank_end] management within [blank_start]strategic[blank_end] management process
Antworten
  • Strategic
  • financial
  • non-financial
  • single
  • performance
  • strategic

Frage 15

Frage
One perspective of balance scorecard is [blank_start]customer perspective[blank_end]. This focuses on how [blank_start]organisation[blank_end] appears to its [blank_start]customers[blank_end]
Antworten
  • customer perspective
  • organisation
  • customers

Frage 16

Frage
Another perspective of balance scorecard is [blank_start]financial perspective[blank_end]. This focuses on how [blank_start]organisation[blank_end] looks to [blank_start]shareholders[blank_end]
Antworten
  • financial perspective
  • organisation
  • shareholders

Frage 17

Frage
Third perspective of balance scorecard is [blank_start]internal business perspective[blank_end]. This focuses on what [blank_start]organisation[blank_end] needs to [blank_start]excel[blank_end] at
Antworten
  • internal business perspective
  • organisation
  • excel

Frage 18

Frage
Fourth perspective of balance scorecard is [blank_start]learning & growth perspective[blank_end]. This focuses on how [blank_start]organisation[blank_end] can continue to [blank_start]improve[blank_end] & [blank_start]create[blank_end] value
Antworten
  • learning & growth perspective
  • organisation
  • improve
  • create

Frage 19

Frage
Lag indicators- Represent [blank_start]past[blank_end] performance. It comes at end of [blank_start]value creation[blank_end] process. Many [blank_start]financial[blank_end] indicators are examples of lag indicators. They are sustained by [blank_start]leading[blank_end] indicators
Antworten
  • past
  • value creation
  • financial
  • leading

Frage 20

Frage
Lead indicators- Performance [blank_start]drivers[blank_end] that lead to achievement of [blank_start]lag[blank_end] indicators. It comes before [blank_start]value creation[blank_end] process. Also, it is [blank_start]actionable[blank_end] & [blank_start]manageable[blank_end]
Antworten
  • drivers
  • lag
  • value creation
  • actionable
  • manageable

Frage 21

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Steps for constructing balance scorecard include: firstly, deciding on overall [blank_start]objectives[blank_end] for each [blank_start]perspective[blank_end], then deciding how to monitor this [blank_start]objective[blank_end] ([blank_start]lag[blank_end] indicators) & finally, deciding [blank_start]lead[blank_end] indicators in relation to [blank_start]lag[blank_end] indicators
Antworten
  • objectives
  • perspective
  • objective
  • lag
  • lead
  • lag

Frage 22

Frage
Strategy map- [blank_start]Visual[blank_end] representation that explains (assumed) cause & effect relationships linking [blank_start]objectives[blank_end] of [blank_start]four perspectives[blank_end] of balance scorecard & organisation’s [blank_start]objectives[blank_end]. May also identify [blank_start]linkages[blank_end] between [blank_start]lag[blank_end] & [blank_start]lead[blank_end] measures. Also, it is tool to communicate to managers components of [blank_start]strategy[blank_end] & [blank_start]processes[blank_end] that will help achieve it
Antworten
  • Visual
  • objectives
  • four perspectives
  • objectives
  • linkages
  • lag
  • lead
  • strategy
  • processes

Frage 23

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Errors in using non-financial measures include: there is [blank_start]lag[blank_end] between [blank_start]financial[blank_end] & [blank_start]non-financial[blank_end] performance, there are [blank_start]incentives[blank_end] to engage in [blank_start]dysfunctional[blank_end] behaviour & wrong [blank_start]strategic[blank_end] priorities may be selected
Antworten
  • lag
  • financial
  • non-financial
  • incentives
  • dysfunctional
  • strategic

Frage 24

Frage
Disadvantages of non-financial measures include: [blank_start]wide[blank_end] choice of non-financial measures available, inclusion of non-financial measures can be [blank_start]undirected[blank_end], managers must necessarily make [blank_start]trade-offs[blank_end], some non-financial measures lack [blank_start]integrity[blank_end] & some measures may not easily [blank_start]translate[blank_end] into [blank_start]financial[blank_end] outcomes
Antworten
  • wide
  • undirected
  • trade-offs
  • integrity
  • translate
  • financial
Zusammenfassung anzeigen Zusammenfassung ausblenden

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